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Big Yellow ends takeover talks with Blackstone
(Sharecast News) - Big Yellow Group said on Thursday that it has ended takeover talks with Blackstone. Blackstone announced in October that it was considering a potential takeover offer for Big Yellow. Under UK takeover rules, it had until 8 December to either make a firm offer or walk away.
"Subsequently, Blackstone has provided to the board of Big Yellow today an update on the status of their evaluation of a possible offer and the valuation level at which it could make a proposal," Big Yellow said.
"The board considered this in the context of Big Yellow's strong performance, strategy and business model. It has concluded that there is no basis for continuing discussions with Blackstone."
Big Yellow said the 'put up or shut up' deadline will not be extended.
Earlier this week, Sky News reported that Blackstone was "seriously contemplating" abandoning its interest in a deal.
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